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Polk County/Lake Wales/33898

33898

ZIPSAFMR
Polk County, FL
Zillow

ZIP Investment Score

90Below average

095130300
BRFMR
Eff. Rent
0 BR$1,110$830
1 BR$1,180$910
2 BR$1,420$1,340
3 BR$1,950$1,790
4 BR$2,370$2,060
5 BR$2,726Not available
6 BR$3,134Not available
7 BR$3,604Not available
8 BR$4,145Not available

Purchase Price Calculator

Maximum purchase price
$137,207

Cost breakdown

+Likely effective rent$1,340
HUD FMR$1,420
Market rentUsed$1,340
Est. payment standard (96%)$1,370
-Principal and interest-$694
Loan amount$109,766
Down payment$27,441
Rate6.50%
Term30 years
-Operating costs-$446
Property taxes-$137
Insurance-$175
Utilities$0
HOA$0
Management-$134
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$21,683(79.0% ROI)
Projected value
$147,757
Return breakdown
Property appreciation+$10,550
Loan principal paid down+$3,933
Rental cash flow+$7,200
5-year hold
+$37,043(135.0% ROI)
Projected value
$155,237
Return breakdown
Property appreciation+$18,030
Loan principal paid down+$7,013
Rental cash flow+$12,000
10-year hold
+$79,140(288.4% ROI)
Projected value
$175,637
Return breakdown
Property appreciation+$38,430
Loan principal paid down+$16,711
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.34
1 BR
1.30
2 BR
1.06
3 BR
1.09
4 BR
1.15
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 33898 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 33898 (Lake Wales, FL) is $1,420 a month. That is up 6.8% from $1,330 in FY 2026. Lake Wales is in the Lakeland-Winter Haven, FL MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,608. Among 58 ZIP codes in Polk County, 33898 is tied for the 43rd-highest two-bedroom rent (county range $1,350–$2,800). The median county two-bedroom FMR in Florida is $1,474, so ZIP 33898 is 4% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 33898
BedroomsFY 2027Change90–110% range
Studio$1,110+1.8%$999–$1,221
1BR$1,180+8.3%$1,062–$1,298
2BR$1,420+6.8%$1,278–$1,562
3BR$1,950+8.3%$1,755–$2,145
4BR$2,370+6.3%$2,133–$2,607

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 33898
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,110$1,180$1,420$1,950$2,370
FY 2026$1,090$1,090$1,330$1,800$2,230
FY 2025$980$990$1,210$1,630$2,030
FY 2024$910$910$1,130$1,520$1,920
FY 2023$850$860$1,060$1,430$1,810

Two-bedroom rent in nearby Polk County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 33898
33867$1,4200.0%
33868$1,360−4.2%
33877$1,610+13.4%
33880$1,440+1.4%
33881$1,430+0.7%
33882$1,610+13.4%
33883$1,610+13.4%
33884$1,860+31.0%
33885$1,610+13.4%
33896$2,390+68.3%
33897$2,300+62.0%
33898Current$1,420—

Questions about ZIP 33898 rents

How much will Section 8 pay for a two-bedroom in ZIP 33898?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,608, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,447 to $1,769 a month; under the ZIP-level Small Area FMR of $1,420 it would be $1,278 to $1,562. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 33898 in?

ZIP 33898 is in the Lakeland-Winter Haven, FL MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,608.

How much did fair market rent change in ZIP 33898 for FY 2027?

The two-bedroom FMR rose 6.8%, from $1,330 in FY 2026 to $1,420 in FY 2027. Since FY 2023 it has risen 34.0%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentLake Wales, FL fair market rentFL statewide rentsWhat is SAFMR?Data sources